Topic: how can bitcoin survive with 26 USD transaction cost? (Read 1474 times)
This is one of the reasons that average people like Bitcoin less. Also, the altcoins are trying to take this issue and offer low fees and fast transaction speed to divert people from bitcoin to altcoins. https://www.bitcoinmarketinsider.com/altcoins-trying-to-replace-bitcoin-offering-faster-and-cheaper-transactions/
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Ok so yes we can all agree for the most part on the fact that current transaction fees are something that would make the bank fee system we once made fun of lick their lips like hungry cats. Now if you are a large whale that is buying lets say a house and are spending 20 bitcoins at once. Well then you wont care about a lousy 0.002 transaction fee. On ther other hand if you buying gasoline for you tiny car then spending 0.002 bitcoin makez no sense. That is why i like debit cards that converts bitcoin to cash asap and cheap. We really do need a upgrade to address backlog and fees.
I see bitcoin as a savings and investment tool, not as a means of payment. Im holding my BTC on the wallet and don't care how high are fees now. Just look at the price ! You are already in the win with this price. Just don't make small transactions ,that could load the network and rise fees more.
What it means is that the #2, 3, and 4 coins will become more and more transactional until they become investment grade. The market is a wonderful thing.
For now bitcoin become store of value not as currency anymore because the transaction fee is ridiculous. For transaction i suggest to use altcoin like eth or ltc
it is no longer a currency at this point, to expensive to be used as one. Bitcoin is the new gold, a speculative asset to be exact.
As the price keeps on increasing, so does the fee. More people are storing their bitcoin in exchange account rather than their won wallet to avoid this kind of fee. But if you have plenty of it, paying $25 to make sure your bitcoin secure is still necessary I suppose
As the price keeps on increasing, so does the fee. More people are storing their bitcoin in exchange account rather than their won wallet to avoid this kind of fee. But if you have plenty of it, paying $25 to make sure your bitcoin secure is still necessary I suppose
What wallet are you using for sending transactions? Maybe it does have something to do with and I'm thinking about xapo, I'm currently using blockchain.info and you know what the lowest sats per byte that I paid is only 15 sats. They are working on it and seems that many miners are now back to mine bitcoin. When I have a $20 fee for a transaction what I did is I cancelled it and just wait for the dust to be settled, that time is during the war against bitcoin cash. I let it calmed so now I have less than $1 to pay for each of my transaction.
Hopefully this really pushes the Bitcoin core team to finally come to terms with a solution to scale. Sad to see sites like Steem and ALSO Steam no longer accepting Bitcoin because of the high transaction costs right now.
We need to see some real change in 2018!
We need to see some real change in 2018!
I think its much better to convert it into your own country currency and do the transactions you needed using the fiat system. Even steam stopped using bitcoin as way of payment because the transaction cost is ranging 20 USD or more.
steam stopped bitcoin as payment
https://www.theverge.com/2017/12/6/16743220/valve-steam-bitcoin-game-store-payment-method-crypto-volatility
steam stopped bitcoin as payment method due to high transaction costs
https://www.theverge.com/2017/12/6/16743220/valve-steam-bitcoin-game-store-payment-method-crypto-volatility
steam stopped bitcoin as payment method due to high transaction costs
i have recently done 2 bitcoin transactions and i had to pay in total 52 usd in transaction costs,
how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
this is a result of the speculation on bitcoin, rather than actual adoption of bitcoin. using bitcoin is one thing. buying bitcoin to flip isnt adoption at all; there is no value introduced to the system through that person's participation (one could argue for liquidity). because we arent using this thing the way it was intended, the fees are out of sync with the value. adoption, to be proportionate with this price needs a much larger network of miners, so the competition drives the fees down.
too big for our britches, literally
i have recently done 2 bitcoin transactions and i had to pay in total 52 usd in transaction costs,
how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
That is without a doubt a big issue but is not as big as you make it out to be, bitcoin is not being used as much as a currency as it is used as an investment, so the problem with the fees is not as bad but when we get adoption by most people around the world then that will be an issue but I think that by that time bitcoin will be mature enough and will be able to process that huge load of transactions.how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
I agree, bitcoin has dominance in the amount of investment it has
abd there will be more and more players goi g to bitcoin.
I agree with aeternus' last post about bitcoin not being used as
a currency as much as it should. It is being used as a store of
wealth and as an investment.
i have recently done 2 bitcoin transactions and i had to pay in total 52 usd in transaction costs,
how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
Share a picture or a link or it didnt happen.
I've made several transactions recently and all have had miniscule fees. Maybe a few dollars oer transactioon.
A 26$ transaction fee sounds like user error.
It is very disappointing to see such huge transaction fees now a days. It will become very difficult for the bitcoin users to stay with Btc if such high transaction fees remain to continue. Hard forks like BCH are providing much better services with quick transaction confirmation at very low fees as compared to BTC so obviously users will definately going to shifting on BCH if things remain unimproved.
Not many people are going to make the shift, to begin with where you can pay with bitcoin cash, and second why we are going to switch to a coin that is obviously being manipulated in order to keep the price that high, the illusion cannot be kept forever and when that happens many people are going to lose a lot of money.
The transaction fees are really to high at the moment. It costs a lot of money to transfer some bucks. Really painful. Hope for a better time with lowes fees. 
The way I read this the transaction fees in your account settings are... lets say not in your favour. But I suppose you can change that manually.
26$ for a transactions is really too much, even with the current price we have and the number of miners migrationg to BCH.
Just look at how high the fees should be at sites that monitor the transactions and give propositions to the needed miner fees, and you will have a much cheaper transaction next time.
A few dollars, that should usually do the trick.
26$ for a transactions is really too much, even with the current price we have and the number of miners migrationg to BCH.
Just look at how high the fees should be at sites that monitor the transactions and give propositions to the needed miner fees, and you will have a much cheaper transaction next time.
A few dollars, that should usually do the trick.
Great question and on small transactions it no longer makes sense to use Bitcoin but if it hits $10,000 and you want to transfer 1 BTC then essentially the fee will be 0.26% which is still pretty low comapred with alot of other service
that's the point if you will use bitcoin in a larger venue then the transaction fee won't be feel that much, but if you use it with just a dust transactionthen the fee would really hurt us, it should be not outlook that bitcoin can possibly goes to the value that we all intend too.
i have recently done 2 bitcoin transactions and i had to pay in total 52 usd in transaction costs,
how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
how can bitcoin be used if it is more and more undividable, because smaller transactions arent worth it anymore?
introducing new forks and splits like bitcoin cash bitcoin gold decreases the trust and people start consider it a manipulated centralised pyramid system.
if someone buys himself a hamburger with bitcoin, he has to pay more than 14 other hamburgers for miners...
bitcoin becomes a currency for large transactions only (rich people), you could worthily transact the payment of a yacht or a building with bitcoin but not smaller things..
regards
I see your point in this one. I've been using an internet wallet for storing my Bitcoins and whenever I want to make a transaction, they always recommend the lowest transaction fee which is around 5-10 USD Dollars now. Not worth it when you just wan't to buy something cheap right?. Transacton fee is one of the problems of Bitcoin. If the developers didn't solve this, a lot of people would switch to altcoins that has low fee and faster than Bitcoin.
Great question and on small transactions it no longer makes sense to use Bitcoin but if it hits $10,000 and you want to transfer 1 BTC then essentially the fee will be 0.26% which is still pretty low comapred with alot of other service
In fact, you pay a lot of money for the transaction speed. Recently I sent bitcoins for$ 3 Commission.
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